Wells Fargo

[nic]

I have read a lot of information that Wells/Wachovia "freezes" accounts when you file BK. Regarding a Chapter 7.....I called my branch and several others and no one could really help. Finally, through the 800 customer service number, they gave me a number for the bankruptcy department that could answer specific questions....it is located in Portland, OR and their number is 503-271-5300. If you have a regular account, meaning not a second chance or opportunity account, they do nothing to your accounts, it is business as usual. If you do have one of those accounts, they look at your ending balance the day before and the day of filing to check the balance. If it is a significant amount, they do "freeze" your account and inform the trustee. The trustee then makes a determination as to whether or not they will keep the funds. If not, the trustee faxes over a one page form and Wells Fargo releases the funds to you. They get a list every day of filings and they go through them every day to look at what kind of accounts are involved...they only flag the "second chance" accounts. They do not stop any deposits, online payments, or ATM useage as has been earlier reported even on the second chance accounts. They also told me that it would help significantly if more people would call them in advance to find out what can or cannot happen. They will look your account up and give you very specific information. They also told me that they are still the only bank that is in litigation in regards to this matter. They have been asked by the feds to stop this practice but feel they are withing their rights, and depending on what happens at the end of the case, they will continue this practice. Hope this helps.

[ccsjoe]

Hi nic,

That is useful information, however..even my attorney, in his generic "do's and don't's" worksheet relating to banking, such as move funds from banks you have a debt with, specifically states not to choose WF as the new bank due to the high potential and likelihood of them freezing account just because you have redireted your direct deposit to them.

[ConfusedinOC]

What are second chance accounts?

Do they check your account only when you file or on a continual basis in order to freeze your account? If one was to withdraw all but twenty bucks before filing could they continue banking as usual (deposting paychecks and writing checks) two weeks after filing CH 7?

Cashing your paycheck at Walmart and paying bills with money orders can be a drag. Actually I tried cashing my paycheck at Walmart but they have a $5,000 limit. Check cashing places wanted 3% of the paycheck to cash it, I'm bankrupt and can't be paying such a high fee to cash my check. So I went to Wells in Store Branch on a Sunday to see if they would cash the check. They would only give half in cash and deposit the rest into my account. I said hell no. They gave me 4 money orders for free ($16 fee waived dut to my inconvenience) to pay bills and the rest in cash. I was worried that they would confiscate it or something. It has been 10 days since I filled and have been able to use my debit card at Redbox

[iv65536]

I made sure to cover myself for this possibility, even though I do not currently bank at WF and have not had a deposit account there in at least 10 years. I was, however, able to exempt my bank accounts in their entirety. First, I had accounts at two different banks, neither creditors, I had money on an Amex gift card, never mind BK'ing a $24k Amex account, and on my way home from the appointment with the attorney to complete my filing, I withdrew $200 - exempt funds - from an ATM.

[jsofaz]

I have had no problems with Wells Fargo. I even owed them money on a credit card. I kept that card current until I filed. Arizona only allows you to have $150 ($300 for a married couple) cash when you file. So I only had about $107 in my checking account on that day. Wells Fargo did not freeze my account at any time. My discharge was almost 2 weeks ago.